State Department awards $2.66M for financial management support, with a 3-year duration

Contract Overview

Contract Amount: $2,655,091 ($2.7M)

Contractor: Integrated Finance and Accounting Solutions, LLC.

Awarding Agency: Department of State

Start Date: 2023-08-01

End Date: 2026-07-31

Contract Duration: 1,095 days

Daily Burn Rate: $2.4K/day

Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES

Pricing Type: TIME AND MATERIALS

Sector: Other

Official Description: FINANCIAL MANAGEMENT SUPPORT SERVICES - ADO PMO

Place of Performance

Location: NORTH CHARLESTON, CHARLESTON County, SOUTH CAROLINA, 29405

State: South Carolina Government Spending

Plain-Language Summary

Department of State obligated $2.7 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC. for work described as: FINANCIAL MANAGEMENT SUPPORT SERVICES - ADO PMO Key points: 1. Contract value appears reasonable for the scope of financial management support services. 2. Full and open competition was utilized, suggesting a competitive bidding process. 3. The contract is a delivery order under a larger indefinite-delivery contract, indicating potential for future task orders. 4. Performance period spans three years, allowing for sustained support. 5. The North American Industry Classification System (NAICS) code 541219 points to a focus on accounting services. 6. The contractor, Integrated Finance and Accounting Solutions, LLC, is tasked with providing critical financial support.

Value Assessment

Rating: good

The contract value of approximately $2.66 million over three years for financial management support services appears to be within a reasonable range for a federal agency like the Department of State. Benchmarking against similar contracts for accounting and financial advisory services would provide a more precise assessment, but the overall dollar amount does not immediately suggest overpricing given the duration and scope. The pricing structure, likely time and materials, allows for flexibility but requires careful monitoring to ensure cost-effectiveness.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

This contract was awarded under 'full and open competition after exclusion of sources,' which indicates that the solicitation was broadly advertised and all responsible sources were permitted to submit offers. While the specific number of bidders is not provided, this procurement method generally fosters a competitive environment, which is beneficial for price discovery and ensuring the government receives competitive pricing. The exclusion of sources clause suggests that certain pre-existing conditions or requirements led to the exclusion of specific entities, but the core competition was open.

Taxpayer Impact: The use of full and open competition is a positive indicator for taxpayers, as it increases the likelihood of obtaining services at the best possible price through a robust bidding process.

Public Impact

The Department of State benefits from enhanced financial management and accounting support. Services delivered are crucial for the operational efficiency and accountability of the agency's financial operations. The contract has a national geographic impact, supporting federal financial management. The contract supports a specialized workforce in accounting and financial management.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for cost overruns if time and materials basis is not closely managed.
Dependence on a single contractor for critical financial functions could pose a risk if performance falters.

Positive Signals

Awarded through full and open competition, suggesting competitive pricing.
Contract duration of three years allows for stability and continuity of services.
Contractor has been awarded a contract, implying they met the government's requirements.

Sector Analysis

The financial management and accounting services sector within the federal government is a significant area of spending, supporting the core operations of numerous agencies. This contract falls under the broader professional, scientific, and technical services category. Spending in this sector is driven by the need for accurate financial reporting, compliance with regulations, and efficient resource allocation. Comparable spending benchmarks would typically involve analyzing the average cost of similar support services across different federal agencies based on contract size and duration.

Small Business Impact

The provided data indicates that this contract was not set aside for small businesses (ss: false, sb: false). Therefore, there are no direct subcontracting implications or specific impacts on the small business ecosystem stemming from a small business set-aside. The primary focus of this contract is on the capabilities of the awarded large business contractor.

Oversight & Accountability

Oversight for this contract would typically be managed by the contracting officer and the program office within the Department of State. Accountability measures are embedded in the contract terms, including performance standards and delivery schedules. Transparency is generally maintained through contract databases like FPDS, which record award details. Inspector General jurisdiction would apply if any issues of fraud, waste, or abuse arise during the contract performance.

Related Government Programs

Federal Financial Management Services
Department of State Financial Operations
Accounting and Auditing Services
Professional Services Contracts

Risk Flags

Time and Materials contract type requires close monitoring to prevent cost overruns.
Potential for performance issues impacting critical financial operations.
Exclusion of sources in competition needs clear justification to ensure maximum value.

Frequently Asked Questions

What is this federal contract paying for?

Department of State awarded $2.7 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC.. FINANCIAL MANAGEMENT SUPPORT SERVICES - ADO PMO

Who is the contractor on this award?

The obligated recipient is INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC..

Which agency awarded this contract?

Awarding agency: Department of State (Department of State).

What is the total obligated amount?

The obligated amount is $2.7 million.

What is the period of performance?

Start: 2023-08-01. End: 2026-07-31.

What is the track record of Integrated Finance and Accounting Solutions, LLC with the Department of State and other federal agencies?

A comprehensive review of Integrated Finance and Accounting Solutions, LLC's track record would involve analyzing their past performance on federal contracts, particularly with the Department of State. This includes examining contract histories for on-time delivery, quality of services, and any past performance issues or disputes. Data from the Federal Procurement Data System (FPDS) and potentially Contractor Performance Assessment Reporting System (CPARS) would be crucial. Understanding their experience with similar financial management support services, the types of agencies they have served, and the scale of their previous contracts would provide insight into their capability to successfully execute this current award. Without specific historical data, it's difficult to definitively assess their reliability, but the award itself suggests they met initial vetting criteria.

How does the awarded amount compare to the average cost for similar financial management support contracts at the Department of State?

To compare the awarded amount of $2.66 million over three years to the average cost for similar contracts at the Department of State, one would need access to a benchmark database or historical spending data for comparable services. Factors such as the specific services rendered (e.g., accounting, budgeting, financial analysis), the level of expertise required, and the contract duration significantly influence costs. If this contract is for standard accounting services, the price might be competitive. However, if it includes highly specialized financial advisory or complex system integration, the cost could be justified. A detailed analysis would involve identifying contracts with similar NAICS codes (541219) and contract types (Time and Materials) awarded by the Department of State within the last few years and calculating an average annual or per-service cost for comparison.

What are the primary risks associated with this contract, and what mitigation strategies are in place?

Primary risks associated with this Time and Materials (T&M) contract include potential cost overruns if the contractor's hours or rates are not effectively managed and monitored by the government. There's also a risk of performance deficiencies, where the contractor may not deliver the expected quality or timeliness of financial management support, potentially impacting the Department of State's operations. Another risk could be vendor lock-in or over-reliance on the contractor, making transitions difficult. Mitigation strategies typically involve robust contract oversight by the Contracting Officer's Representative (COR), regular performance reviews, clear performance metrics, and strict adherence to the T&M ceiling and reporting requirements. The government should actively manage the scope of work and ensure efficient resource utilization by the contractor.

How effective is the 'full and open competition after exclusion of sources' method in ensuring value for money for this type of service?

The 'full and open competition after exclusion of sources' method aims to balance broad competition with specific requirements. By excluding certain sources, the agency might be targeting specific capabilities or ensuring compliance with unique agency needs, while still allowing a wide range of other potential bidders. This can lead to value for money if the excluded sources were not essential for achieving the best outcome or if their exclusion streamlines the process without sacrificing competition. However, if the exclusion was too broad or unnecessary, it could limit the pool of bidders and potentially reduce competitive pressure, impacting price discovery. The effectiveness hinges on the justification for the exclusion and the number of responsive bidders that ultimately participate.

What is the historical spending trend for financial management support services at the Department of State?

Analyzing historical spending trends for financial management support services at the Department of State would require accessing multi-year procurement data. This would involve looking at the total amount obligated annually for contracts under relevant NAICS codes (like 541219) and service categories related to financial management. Trends could reveal whether spending in this area is increasing, decreasing, or remaining stable, and whether the Department relies heavily on external contracts for these services or performs them in-house. Understanding these trends can help in forecasting future needs and budgeting, and in identifying potential areas for cost savings or efficiency improvements by comparing current contract values against past expenditures.

Industry Classification

NAICS: Professional, Scientific, and Technical Services › Accounting, Tax Preparation, Bookkeeping, and Payroll Services › Other Accounting Services

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES

Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE

Solicitation ID: SAQMMA17R0193

Pricing Type: TIME AND MATERIALS (Y)

Evaluated Preference: NONE

Contractor Details

Address: 4500 POND WAY, STE. 270, WOODBRIDGE, VA, 22192

Business Categories: 8(a) Program Participant, Black American Owned Business, Category Business, Economically Disadvantaged Women Owned Small Business, Limited Liability Corporation, Minority Owned Business, Self-Certified Small Disadvantaged Business, Service Disabled Veteran Owned Business, Small Business, Special Designations, U.S.-Owned Business, Veteran Owned Business, Woman Owned Business, Women Owned Small Business

Financial Breakdown

Contract Ceiling: $2,655,091

Exercised Options: $2,655,091

Current Obligation: $2,655,091

Actual Outlays: $81,827

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED

Cost or Pricing Data: NO

Parent Contract

Parent Award PIID: 19AQMM22D0034

IDV Type: IDC

Timeline